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4 <br /> in particular those described in Exhibit B.The amount for refinancing may be reduced <br /> depending on which County loans can be efficiently refinanced. <br /> (c) The Board will determine the final amount to be financed by a later <br /> resolution. The final amount financed may be slightly lower or slightly higher than a <br /> total of $36,760,000. The final amount financed will include funds to pay financing <br /> costs and other related costs. <br /> 2. The Board of Commissioners makes the following findings of fact in <br /> support of the County's application to the LGC: <br /> (a) The proposed projects are necessary and appropriate for the County <br /> under all the circumstances. <br /> (b) The proposed installment financing is preferable to a bond issue for the <br /> same purposes. <br /> The County has no meaningful ability to issue non-voted general obligation <br /> bonds for these projects, other than the school projects. The County is in the midst of <br /> a program for issuing voter-approved bonds for school purposes and affordable <br /> housing purposes. It is appropriate for the County to balance its capital program <br /> between various types of financings. The County expects that in the current interest <br /> rate environment for municipal securities there would be no material difference in <br /> the overall financing costs between general obligation bonds and installment <br /> financings for these projects. These projects will produce no revenues that could be <br /> used to support a self-liquidating financing. <br /> (c) The estimated sums to fall due under the proposed financing contract <br /> are adequate and not excessive for the proposed purpose. The County will closely <br /> review proposed financing rates against market rates with guidance from the LGC and <br /> in consultation with the County's financial adviser. All amounts financed will reflect <br /> either approved contracts, professional estimates, or previous actual expenditures. <br /> (d) As confirmed by the County's Finance Officer, (i) the County's debt <br /> management procedures and policies are sound and in compliance with law, and (ii) <br /> the County is not in default under any of its debt service obligations. <br />